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Leuliette Joins Stockman As Partner of Heartland Industrial Partners

11 October 1999

Timothy D. Leuliette Joins David A. Stockman As Founding Partner of Heartland Industrial Partners

           $2 Billion Equity Fund to Have Headquarters in Michigan

    BLOOMFIELD HILLS, Mich., Oct. 11 -- Timothy Leuliette,
formerly president and COO of Penske Corporation and vice chairman of Detroit
Diesel Corporation -- a Penske subsidiary -- announced today that he is
joining David Stockman as a Founding Partner of Heartland Industrial Partners.
Leuliette and Stockman plan to raise $2 billion in equity capital, which will
be used to purchase and invest in select industrial companies located
throughout the Midwest region of the country.  With additional capital from
identified co-investors, and prudent debt financing, the fund will oversee
approximately $10 billion of investment in solid industrial platform
companies.
    Heartland Industrial Partners will become one of the largest funds of its
type in the world.  Leuliette will establish the firm's headquarters in
Bloomfield Hills, Michigan, while Stockman will open the fund's financial
office in New York City.
    Leuliette, 49, has been the president and chief operating officer of the
privately held Penske Corporation since November, 1996.  Penske Corporation,
focused on the transportation industry, has a number of investments in
manufacturing, service, leasing, retail and investment banking.  Before
joining Penske Corporation, Leuliette served as president and chief executive
officer of ITT Automotive and senior vice president of ITT Industries.  Prior
to ITT, Leuliette was a corporate vice president at Siemens AG where he served
as the first non-German board member in the company's 150-year history.
    Stockman, formerly of the Blackstone Group, was elected to Congress from
Michigan at the age of 29, and later joined the Reagan Administration in which
he served as the youngest Cabinet Officer in the 20th Century.  He was also
one of the principal architects of the Reagan Economic Revolution.
    "There is a significant opportunity to build value by investing in
well-positioned industrial companies, whose talent, technology, assets and
market position afford them the opportunity to be a platform for industry
consolidation and value creation," stated Leuliette.  "The vision of Heartland
Industrial Partners as a long-term investor, combining strong financial and
operating acumen, creates a uniquely positioned fund that is consistent with
the corporate operating philosophy of industrial companies and their
customers.  My years working with Roger Penske have been extremely rewarding,
and I look forward to continuing my relationship with Roger and Penske
Corporation as a member of its Board of Directors."
    Stockman said, "I am very pleased that Tim is joining me as a founding
partner of the firm.  His reputation for operating excellence and creating
shareholder value contributes to the unique positioning and attractiveness of
Heartland Industrial Partners.  Our firm will be built upon a proven
combination of strong operating acumen and successful private equity
experience.  Tim is ideally suited, with the network and knowledge he has
built up over the years, to add a dimension to Heartland that will give our
firm, and our investments, a competitive advantage."
    Commenting on Leuliette's departure, Roger Penske, chairman of Penske
Corporation said, "This is a unique and special opportunity for Tim, and we
wish him well.  Furthermore, the ability to attract significant capital and
operating talent in a fund of this type to the nation's heartland is long
overdue.  I want to thank him for his many contributions to Penske Corporation
and look forward, as an investor in Heartland Industrial Partners, to his
continued success."
    Leuliette holds a BSE degree in mechanical engineering and an MBA from the
University of Michigan.  He is a member of numerous civic, charitable and
educational associations.  Included among his board memberships is the Detroit
Branch of the Federal Reserve Bank of Chicago.  Mr. Leuliette resides in
Bloomfield Hills, Michigan with his wife, Cindy, and their children.